So, news is that TeleNav, like Tom-Tom, is developing software that will transform the iPhone (or iPod touch) into a proper GPS device….

iPhone already has location awareness, which TeleNav hopes to harness in its GPS application which it hopes to ship in the next few months, Forbes explains.

"The firm is tight-lipped about the software’s exact features, but says the application will resemble the mapping features it developed for the Samsung Instinct, another touchscreen phone," the report explains.

Company rep Sal Dhanani said, "Apple being Apple, the iPhone app will have some additional flair. It will be cooler, have more pizazz."

Interestingly, the company spokesman also said TeleNav has no problem opening up its applications data and maps to others for use in other applications.